YEREVAN, February 19. /ARKA/. Armenia’s insurance companies paid about 10.45 billion drams in a total of 53,837 compensations on compulsory third-party motor insurance in 2013.

Total amount of compensations rose by 12.6% over the year, the Bureau of Car Insurers of Armenia reported.

According to the official information, more than 407,444 motor vehicles were insured in the country as of the end of December 2013. Out of over 54,956 applications for compensation (19.2% increase) 639 were not satisfied in the period.

Apart from this, claims worth a total of 125.5 million drams (28.8% reduction compared to the year before) are still pending.

Insurance bonuses rose by 6.7% over the year to about 16.1 billion drams.

There are seven companies operating in the Armenian insurance market today.

The compulsory third-party motor insurance was introduced in Armenia on January 1, 2011.

The Central Bank of Armenia has been performing supervision functions in the insurance market since January 1, 2006. ($1=412.09drams). --0--